I signed onto my online account at BOA today and discovered even more fees, I know, you're just as shocked as I am.
I now have 1o overdraft charges of $35, 1 $35 charge for Extended overdrawn balance and 1 $10 charge for using my overdraft protection, boy that sure did protect me.
I've asked to have my account closed and was told no. I'm not surprised as they want to keep charging me for each day it's overdrawn. I do want to get this taken care of as I don't want it to affect my credit, but as I was just off work for knee surgery I don't have $300 lying around. I'm pissed that they won't allow me to close it and make payments to stop the fees from adding up. You've already gotten me for over $300, isn't that enough? I just don't think it's fair that 1 check can cost me so much money. Since now it has cost me MORE than the check was even written for. I also don't think it's fair that they can charge me for transactions that occurred before the day the check was presented to the bank. That is just absurd.
But I did open a new checking account with my previous Credit Union and had our direct deposits transferred to it. I'm in the process of changing all of our automatic withdrawals over to the new account as well. This process just sucks!
Total in fees as of today: $395
Tuesday, November 10, 2009
Saturday, November 7, 2009
Lawsuit Filed
Guess I'm not the only one this is happening to. I will be joining in in this lawsuit.
Bank of America Abusive Overdraft Fees Class Action Lawsuit
On October 16, 2009, Bank of America customers filed a motion for leave to file a consolidated, nationwide class action lawsuit against the bank for the alleged unfair and illegal assessment and collection of excessive overdraft fees. The motion was filed in the United States District Court for the Southern District of Florida in Miami, Florida, where federal lawsuits against the banking industry for abusive overdraft fees have been coordinated before the Honorable James L. King.
Read a copy of the Amended Complaint in the Bank of America abusive overdraft fees class action.
How Bank "Overdraft Protection" Works
Today, when customers open checking accounts, banks provide debit cards for the withdrawal of cash from ATM machines and the purchase of goods and services. Many consumers are not aware that as part of the process of obtaining the debit card, banks automatically enroll customers in "overdraft protection." The overdraft protection kicks in – usually for a $35 fee - if the customer spends more than he or she has in the account to cover the purchase, up to a limit of a few hundred dollars.
Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacked sufficient funds, or the bank could warn customers that if they went through with the transaction an overdraft fee would be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.
Bank of America's Alleged Fraud
The complaint charges that Bank of America does not record charges and purchases on ATM or debit cards in the order they actually occurred. Instead, Bank of America reorders the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue.
Bank of America's overdraft fee collection practices have impacted millions of Americans. In many instances, the overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. A series of small transactions over a weekend can result in hundreds of dollars in bank charges.
Further Information for Bank Customers
Bank of America customers, and other bank customers, who were assessed multiple overdraft fees may click here to submit their complaint to a consumer protection attorney. There is no charge or obligation for the review of your complaint.
Link to this site here and in sidebar.
Bank of America Abusive Overdraft Fees Class Action Lawsuit
On October 16, 2009, Bank of America customers filed a motion for leave to file a consolidated, nationwide class action lawsuit against the bank for the alleged unfair and illegal assessment and collection of excessive overdraft fees. The motion was filed in the United States District Court for the Southern District of Florida in Miami, Florida, where federal lawsuits against the banking industry for abusive overdraft fees have been coordinated before the Honorable James L. King.
Read a copy of the Amended Complaint in the Bank of America abusive overdraft fees class action.
How Bank "Overdraft Protection" Works
Today, when customers open checking accounts, banks provide debit cards for the withdrawal of cash from ATM machines and the purchase of goods and services. Many consumers are not aware that as part of the process of obtaining the debit card, banks automatically enroll customers in "overdraft protection." The overdraft protection kicks in – usually for a $35 fee - if the customer spends more than he or she has in the account to cover the purchase, up to a limit of a few hundred dollars.
Banks could simply decline to honor customer ATM or point-of-sale transactions if the account lacked sufficient funds, or the bank could warn customers that if they went through with the transaction an overdraft fee would be assessed. In fact, until a few years ago, most banks simply declined debit transactions that would overdraw an account.
Bank of America's Alleged Fraud
The complaint charges that Bank of America does not record charges and purchases on ATM or debit cards in the order they actually occurred. Instead, Bank of America reorders the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue.
Bank of America's overdraft fee collection practices have impacted millions of Americans. In many instances, the overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. A series of small transactions over a weekend can result in hundreds of dollars in bank charges.
Further Information for Bank Customers
Bank of America customers, and other bank customers, who were assessed multiple overdraft fees may click here to submit their complaint to a consumer protection attorney. There is no charge or obligation for the review of your complaint.
Link to this site here and in sidebar.
Thursday, November 5, 2009
I was screwed by Bank of America!
Have you ever been cheated by your bank?
Well I just was. To the tune of $300 and it keeps growing.
My mom cashed a check I wrote her a day early. Well BOA cleared that check the exact moment she took it to her Credit Union. Weird, never heard of a check clearing that fast unless it was taken to the actual bank that it was written from.
But anyways, my mistake. I can see paying an over draft fee for the 4 things that came out after that check was deducted from my account. But no, BOA took every transaction I had made on my account since Friday and cleared it after the check she took to the bank on Monday. That's 14 transactions! Yup, 14.
Does that seem right? Sure doesn't to me. When I used my debit card on Friday, Saturday, and Sunday there was plenty of money in my account to cover it. When I got up Monday morning and checked my bank account it was still in the positive and fine. All the transactions from the weekend showed cleared and I still had money remaining.
On Tuesday I check my account and it now shows the check to my mom was deducted on Monday and all the transactions that were already posted are now beneath that check. Because apparently the bank can put your withdrawals in what ever order they want, it doesn't matter when they occurred. At this time they also added 4 overdraft fees at $35 a pop.
On Wednesday my husbands check is direct deposited into our account, after all the fees and such we were +$1.00.
Well a paypal transaction he had initiated over the weekend showed up that day, putting us back into the negative by $16.00. So I went to the bank and added cash to put us back into the positive, and since deposits are done before withdrawls on the saame day it would remain positive.
I thought maybe they were going to do right by me and only charge us for the 4 things that had occurred after the check. Boy was I wrong. I signed into our account Thursday morning and there are another 4 overdraft fees, which they also put in front of the paypal transaction from the day before, making that another thing they could charge us for.
I went to the bank to discuss this with them and was told I had to call customer service. At this time (1pm) my account was at -$130. I call customer service at 3pm and my account is now -$165. Apparently I was charged another fee during those 3 hours. I spoke with a lady and all she had to say was "The bank is not in error, we can't reverse any fees for you". I was also told that if I didn't put my account in good standing in so many days I was going to be charged another $35. Cause you know, they just haven't gotten enough money out of me yet.
Well I don't get paid until NEXT Friday, way past there 5 day limit. I wonder how much more money I will owe them by then?
Tally as of today: $315 in fees
Well I just was. To the tune of $300 and it keeps growing.
My mom cashed a check I wrote her a day early. Well BOA cleared that check the exact moment she took it to her Credit Union. Weird, never heard of a check clearing that fast unless it was taken to the actual bank that it was written from.
But anyways, my mistake. I can see paying an over draft fee for the 4 things that came out after that check was deducted from my account. But no, BOA took every transaction I had made on my account since Friday and cleared it after the check she took to the bank on Monday. That's 14 transactions! Yup, 14.
Does that seem right? Sure doesn't to me. When I used my debit card on Friday, Saturday, and Sunday there was plenty of money in my account to cover it. When I got up Monday morning and checked my bank account it was still in the positive and fine. All the transactions from the weekend showed cleared and I still had money remaining.
On Tuesday I check my account and it now shows the check to my mom was deducted on Monday and all the transactions that were already posted are now beneath that check. Because apparently the bank can put your withdrawals in what ever order they want, it doesn't matter when they occurred. At this time they also added 4 overdraft fees at $35 a pop.
On Wednesday my husbands check is direct deposited into our account, after all the fees and such we were +$1.00.
Well a paypal transaction he had initiated over the weekend showed up that day, putting us back into the negative by $16.00. So I went to the bank and added cash to put us back into the positive, and since deposits are done before withdrawls on the saame day it would remain positive.
I thought maybe they were going to do right by me and only charge us for the 4 things that had occurred after the check. Boy was I wrong. I signed into our account Thursday morning and there are another 4 overdraft fees, which they also put in front of the paypal transaction from the day before, making that another thing they could charge us for.
I went to the bank to discuss this with them and was told I had to call customer service. At this time (1pm) my account was at -$130. I call customer service at 3pm and my account is now -$165. Apparently I was charged another fee during those 3 hours. I spoke with a lady and all she had to say was "The bank is not in error, we can't reverse any fees for you". I was also told that if I didn't put my account in good standing in so many days I was going to be charged another $35. Cause you know, they just haven't gotten enough money out of me yet.
Well I don't get paid until NEXT Friday, way past there 5 day limit. I wonder how much more money I will owe them by then?
Tally as of today: $315 in fees
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